Under Utah law, what type of agency relationship is created when a single brokerage represents both the buyer and the seller in the same transaction?
Correct Answer
B) Limited agency
Utah uses the term 'limited agency' rather than 'dual agency' when a brokerage represents both parties. Under Utah Code §61-2f-401, limited agency requires written consent from both parties and limits the agent's fiduciary duties to each party.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
The highest legal obligation of trust and confidence owed by an agent to their principal, requiring the agent to act solely in the principal's best interest.
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